The Reserve Bank of India has imposed a penalty of Rs 1 lakh on Priyadarshini Mahila Nagari Sahakari Bank, Beed. The penalty was charged against violation of certain directions under the Supervisory Action Framework.

The inspection report of the bank financial position as of March 31, 2019, revealed, inter alia, non-adherence/ violation of specific directions issued to the bank by the RBI under SAF. Subsequently, a notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions.

However, the notice added that the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Also Read

UP minister Vijay Kashyap dies of COVID; PM Modi, CM Yogi express grief

India is second largest insurance-technology market in Asia Pacific: S&P Global Report

Indian Railways cancels special trains due to poor patronisation